LiveOne delivered a mixed near-term financial performance in QQ3 2025 (quarter ended December 31, 2024) characterized by continued revenue growth from Slacker Radio and Podcast One and a large, expanding B2B pipeline, while profitability remained negative and liquidity/solvency metrics show a fragile balance sheet position. For the first nine months, the company reported record total revenue of $95.0 million and $29.0+ million in the current quarter, underscoring the strength of its diversified digital media platform and its ability to monetize live music, podcasts, and related content through live events, ad sales, and licensing deals. Management highlighted more than $44 million in new B2B revenues in the last 90 days, including $25 million with a Fortune 500 media conglomerate and $16.5 million with Amazon, with expectations to close at least two additional partnerships by year-end, signaling a robust growth pipeline (Transcript and earnings release). The Tesla collaboration, renewed for a 12th consecutive year and now featuring front-panel branding “in perpetuity,” represents a strategic data and distribution moat with potential multibillion-dollar implications as subscriber data deepens and advertising monetization accelerates. Podcast One achieved record revenues and traffic for the quarter and guided to continued EBITDA inflection, signaling a pivotal transition in the content network. Notwithstanding these positives, the company reports EBITDA of $(3.88) million and net income of $(5.23) million in QQ3 2025, with margins turning negative (gross margin ~24.3%, operating margin ~−17.4%, net margin ~−17.8%). Management framed the results within an ongoing pivot toward higher-value enterprise partnerships, monetization of Tesla-enabled traffic, and a broadened advertising strategy, including a 90–120 day time-to-cash cycle for advertising revenues. The company also announced a $12 million stock repurchase program with about $6.2 million remaining, reflecting management’s confidence in the medium-term value proposition as it scales B2B partnerships and cross-platform content monetization. Investors should monitor (i) the pace of ARPU uplift and Tesla upsell activations, (ii) the cadence of B2B deal closures and associated revenue recognition, (iii) Podcast One’s margin trajectory as content contracts mature and advertiser onboarding accelerates, and (iv) the evolving mix of ad-supported versus paid subscription revenue on Slacker and Tesla-enabled platforms.